By Chris Wack


Li-Cycle Holdings Corp. shares were up 7% to $7.71 after the company said it has entered into a strategic partnership with Glencore Plc.

The company said the strategic partnership will aid the electric vehicle battery supply chain by providing customers with an integrated approach for their primary and recycled metal needs.

Glencore executed a global feedstock supply agreement under which Glencore will supply all types of manufacturing scrap and end-of-life lithium-ion batteries to Li-Cycle.

Glencore will make a $200 million investment in Li-Cycle, and Glencore will have the right to nominate one board member to the Li-Cycle board. Li-Cycle has agreed to nominate Kunal Sinha, Glencore's head of recycling, to its board of directors.

Glencore will purchase a $200 million convertible note, which will mature on the fifth anniversary of closing and have an initial conversion price of $9.95 per Li-Cycle common share.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

05-05-22 1247ET